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Well known case which argues the cause of action and limitations...this was an HP agreement that the cause of action to recover the unpaid balance did not start until the lender had served a termination letter or accepted the debtor’s repudiation of the agreement.


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Well known case which argues the cause of action and limitations...this was an HP agreement that the cause of action to recover the unpaid balance did not start until the lender had served a termination letter or accepted the debtor’s repudiation of the agreement.

 

Thankyou, would you know if a default notice was issued and the terms not carried out would this mean the agreement was terminated?

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Varies from default notice to default notice...creditor to creditor...some state that at the end of the prescribed 14 days allowance to rectify any breach...some do not mention termination at all.

Termination can be when the debt is assigned or when its litigated on......there is no definitive guideline..every debt and default and termination is different.

 

But termination is irrelevant with regards to limitations...cause of action/last payment/acknowledgement..is the key.


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Varies from default notice to default notice...creditor to creditor...some state that at the end of the prescribed 14 days allowance to rectify any breach...some do not mention termination at all.

Termination can be when the debt is assigned or when its litigated on......there is no definitive guideline..every debt and default and termination is different.

 

But termination is irrelevant with regards to limitations...cause of action/last payment/acknowledgement..is the key.

 

Thanks Andy, I agree, I also thought cause of action/last payment/acknowledgement meant the debt was SB (that would be in 2007) but from today's hearing the Judge's interpretation was that if the agreement wasn't terminated before the balloon payment became due then the whole debt was not SB.

But at the first hearing last July that Judge said the first part of the debt WAS SB, I'm sure he even said there is no question about that, but the final payment might not be as that was due in 2010.

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Thanks Andy, I agree, I also thought cause of action/last payment/acknowledgement meant the debt was SB (that would be in 2007) but from today's hearing the Judge's interpretation was that if the agreement wasn't terminated before the balloon payment became due then the whole debt was not SB.

But at the first hearing last July that Judge said the first part of the debt WAS SB, I'm sure he even said there is no question about that, but the final payment might not be as that was due in 2010.

 

Sounds plausible...but how can you have an agreement that's part terminated/statute barred and part that's not ? unless the balloon is a separate entity/agreement altogether....(which I would find very hard to accept)


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Sounds plausible...but how can you have an agreement that's part terminated/statute barred and part that's not ? unless the balloon is a separate entity/agreement altogether....(which I would find very hard to accept)

 

I totally agree,

I thought it odd and said to the Judge, I thought the 'agreement' covered all payments (monthly installments and the final payment)

 

 

so this would mean that the whole debt was SB as the last payment/acknowledgement was made in 2007?

but he said it did not and that the final payment was a separate 'debt' to the installments.

 

Just to add my agreement does say

1 payment of x followed by 47 payments of x

then 1 final payment of x.

So to me that would be the same agreement.

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Precisely


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I think you need to read the finance contract carefully. The balloon payment could be separate, as after paying monthly for a relevant period, there could have been an option to hand back the car or make the balloon payment.

 

You really need all of the paperwork to see what went on. The finance company should have written to you ahead of the balloon payment to ask what you wanted to do.


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